HSBC acquires Silicon Valley UK Arm for £1
Ten News Network
New Delhi (India), 13th March 2023: HSBC which is a UK based banking and financial aid services organisation. It said on Monday that they will acquire the Silicon Valley Bank arm in the UK for £1 or mere ₹99.
Noel Quinn, chief executive officer of HSBC, stated that the acquisition makes “excellent strategic sense” for the bank’s UK operations, strengthens its commercial banking franchise, and improves the bank’s capacity to provide services to innovative and quickly-expanding businesses, including those in the technology and life sciences sectors, both domestically and abroad.
“We warmly welcome SVB UK’s clients to HSBC and look forward to assisting them as they expand both domestically and internationally. Customers of SVB UK can carry on banking as usual secure in the awareness that their deposits are protected by HSBC’s strength, safety, and security. We cordially welcome our SVB UK coworkers to HSBC and can’t wait to get to work with them “according to Quinn’s statement.
UK Chancellor Jeremy Hunt tweeted on Monday morning, “This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC Deposits will be protected, with no taxpayer support I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise.”